Murray Wood: Who's hot... and who's not
Every Friday, Murray Wood takes a look back at the week's news and decides who's hot... and who's not. This week's list ...
Saskatchewan’s housing market remains a standout performer in Canada, shrugging off economic uncertainty and fears over tariffs as sales and prices continue to rise.
According to the latest report from the Saskatchewan Realtors Association, home sales surged past 1,277 in March, an increase of over eight per cent from March of 2024 and 13 per cent higher than the 10-year average.
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At the same time, new listings remain scarce, dipping two percent year-over-year and nearly 30 per cent below long-term trends.
“Notwithstanding economic uncertainty and the ongoing threat of tariffs, Saskatchewan’s housing market remains remarkably resilient, once again posting above-average monthly sales,” said association CEO Chris Guérette.
“This is not new for Saskatchewan. Saskatchewan’s housing market has been known to react differently than what the rest of the country is doing.”
Unlike other parts of Canada, where higher borrowing costs and policy uncertainties have slowed market activity, Saskatchewan is witnessing urgent buying that has driven inventory to new lows.
“We have not seen a blip because of the tariffs. I was 100 per cent expecting to see that because I saw that in Calgary. And Toronto was reporting one of their worst Marches ever,” Guérette remarked.
“You would never guess that there was uncertainty in the market with tariffs right now.”
Inventory shortages, rising prices
As of the end of March, only 4,023 properties were available across the province, marking a 21 per cent year-over-year decline.
This supply crunch has particularly affected Saskatchewan’s two largest cities, Saskatoon and Regina, where inventory is at critically low levels.
Saskatoon now has less than one month’s supply of homes, the association said, while Regina sits at just 1.29 months.
“I would love to see more new homes coming onto the market,” said Guérette.
“We’re still not seeing what we want, and until that point I think we’re still going to see the type of numbers that we’re seeing today.”
The extreme supply constraints have fueled price increases, with the province’s residential benchmark price rising to $353,600, which is up over six per cent from last year.
Saskatoon in particular set a record-high benchmark price of $415,900, reflecting growing demand and limited supply.
Regina also saw home values climb, reaching $326,300, just shy of the city’s all-time high.
“We continue to see near-record demand, and there isn’t enough inventory to meet that demand right now,” said Guérette. “It’s going to be very challenging. Patience is essential, and the expertise of a real estate professional is more crucial than ever.”
Tariffs? No impact – yet
While concerns over new tariffs loom over various industries in Canada, Saskatchewan’s housing market has shown no signs of slowing down as a result.
The association suggested that strong local demand, better affordability when compared to larger Canadian markets and continued economic stability in the province are keeping the market insulated – for now.
As spring arrives, all indications suggest that Saskatchewan’s housing sector will remain a seller’s market, with competition for the limited number of homes available growing more intense.
With demand far outpacing supply, prospective buyers may continue to face challenges securing properties at competitive prices.
“There’s still a lot of unknown out there, a lot of uncertainty that we feel daily is shifting,” Guérette reflected. “But in Saskatchewan, buyers are still out there, and they’re still mobilizing to buy.”
